According to Bloomberg, Samsung Electronics is preparing to cut 10% of its staff from the headquarter.
This cut follows the various missteps in crucial marketing, which includes smartphone that has seen an incredible $44 billion, which was wiped off the company’s valuation. The headcount of staff as of June 30, is at 98999.
This would be implying Samsung is cutting the jobs of nearly 10,000 people working in the company’s headquarters in Seoul, South Korea.
The company is said to be targeting workers in areas such as human resources, public relations, and finance. Apart from this, the company is also looking to cut expenses from next year as per the pressure.
Samsung has also adjusted the prices of the new Galaxy S6 and S6 edge smartphones, which don’t have as strong demand as previously anticipated by the company.
Samsung’s global smartphone share has also declined by three percent in the second quarter, as reported by Bloomberg.
Samsung is the largest mobile phone company that has influenced the global smartphone market for years. However, with the rise of Chinese manufacturers like Xiaomi, Huawei and more, and the fierce competition with Apple, Samsung has been losing sales quarter after quarter.
The company sale was around 206 trillion won (USD 171 billion) in 2014, but it is expected to fall around the 200 trillion won (USD 166 billion) mark as Apple is set to release another iPhone this year along with updated tablets which show strong performances globally, eroding Samsung’s share market.